Veidekke: Contracting markets lifted by residential projects and public buildings

Veidekke expects production in the Scandinavian contracting markets to rise by
7% in 2026 and 3% in 2027, following a 6% drop in 2025. The market as a whole is
expected to level off by 2028.

The outlook for the residential market varies across Scandinavia. Despite signs
of general improvement following several weak years, residential production is
forecast to continue declining in Norway. While demand may eventually be boosted
by increased purchasing power, rising interest rates and a large stock of unsold
residential units are delaying recovery in the Norwegian market.

Public buildings are among the segments experiencing the strongest upswing.
Order intakes are up significantly in Norway and Sweden, driven particularly by
demand for hospitals, cultural buildings and sports facilities. In the
commercial buildings sector, the picture is more nuanced: while there is growth
in Norway, the trend in Sweden has been weaker, particularly in the industrial
and logistics segments.

The civil engineering market is predicted to remain strong throughout the
forecast period. Transport infrastructure, energy, water supply and sewerage are
key drivers, with particularly strong growth anticipated in Sweden. Continued
growth is also expected in the Norwegian market, albeit at a more moderate pace.

"The upturn is both somewhat stronger and somewhat broader than we anticipated
in the spring. The public buildings sector is on the up, and major investments
in transport infrastructure, energy, water supply and sewerage are keeping
activity levels buoyant. Residential markets are showing signs of improvement in
several geographies, but Norway is lagging overall and is expected to experience
falling activity levels for some time to come. The outlook for different
countries and market segments therefore varies considerably," says Kristoffer
Eide Hoen, Director of Insight and Analysis at Veidekke.

Production growth in 2026 is estimated at 7% in Norway, 9% in Sweden and 6% in
Denmark. The forecast growth figures for 2027 are 3%, 4% and 2%, respectively.
Compared to Veidekke's spring forecast, the growth estimates for Scandinavia
have been raised from 6% to 7% for 2026 and from 1% to 3% for 2027.

The market update is available on the Veidekke website, under About us |
Investor relations | Reports and presentations | Market updates.

For further information, please contact:
Kristoffer Eide Hoen, Head of Insight and Analysis at Veidekke ASA Tel. +47 976
75 434 | Kristoffer.Eide.Hoen@veidekke.no


Veidekke is one of Scandinavia's largest contractors. In addition to undertaking
all types of building and civil engineering assignments, the group also
maintains roads and produces asphalt and aggregates. Veidekke emphasises
stakeholder involvement and local experience. Its annual turnover is
approximately NOK 43 billion, and half of its 8,000 employees own shares in the
company. Veidekke is listed on the Oslo Stock Exchange and has posted a profit
every year since its inception in 1936.
Stock Exchange and has posted a profit\
every year since its inception in 1936.\